International negotiators struck a deal over the weekend to establish a climate resiliency fund, with wealthier nations committing $300B annually for developing nations by 2035. The agreement, which came together after the United Nations’ COP29 conference was extended by two days, fell far short of a stated $1.3T per year target.
Officials from developing nations—more than half of which are in Africa (see map)—have argued that while industrialized countries reaped the benefits of fossil fuels for economic development for decades, developing nations are more vulnerable to droughts, extreme weather, and rising sea levels.
The language of the deal allows for the $300B to be provided from sources like multilateral development banks and private companies in addition to public funds. China—the world’s largest emitter, still classified as a developing country—is also expected to voluntarily contribute to the financing.
